Speaking at the CNBC Financial Forum held at the Main Hall of the Indonesia Stock Exchange (IDX) in Jakarta on Wednesday, December 3, 2025, Minister of Finance Purbaya Yudhi Sadewa once again addressed the contentious issue of penny stocks. His remarks came in response to a participant’s query regarding the possibility of the government offering fiscal incentives, specifically a reduction in the final tax on bond coupons, to bolster the private sector as a key driver of economic growth.
Purbaya acknowledged it as a pertinent question, despite its direct request for incentives and tax relief. He candidly noted the likely opposition from his own tax and budget teams, stating, “If I spoke to my tax people, they would certainly disagree. My budget people would definitely disagree. But look, we need to consider this first. What we want is for the private sector to move, for private and retail investors to engage. The most crucial thing is that you profit and aren’t trapped by stock manipulators and the like.”
Continuing his remarks, Purbaya reiterated a significant promise he had made to Mahendra Siregar, Chairman of the Financial Services Authority (OJK). He previously pledged that if the OJK, under Mahendra’s leadership, could effectively clean up the problematic penny stocks from the market, then retail investors would automatically be protected. “I will provide additional incentives, tax relief, and other measures to encourage more people to enter the stock market,” Purbaya stated. “However, this entry must not be into a market that can deceive them. Otherwise, my sin would only grow larger. We aim for entry into a relatively clean market.”
Consequently, Purbaya openly expressed his anticipation for decisive action from both the OJK and the Indonesia Stock Exchange (IDX) concerning the prevalent penny stocks in the capital market. He affirmed that if these two institutions demonstrate concrete measures, he would not hesitate to swiftly implement incentives, fostering further development of the stock market. “Within the next six months, if there are arrests or punishments for those involved in stock manipulation,” Purbaya declared, “we will quickly provide incentives to ensure that retail investors entering the stock market, whether directly or through mutual funds, can realize clear profits and participate in a truly fair market.”
However, Purbaya underscored that these promised fiscal incentives remain on hold. He explicitly stated that the incentives cannot yet be granted as long as investors in these problematic penny stocks persist, and until tangible actions are taken against them by the OJK and IDX. “They are still there, and no one has been punished yet,” Purbaya concisely concluded, emphasizing the prerequisite for market integrity before any new incentives can be introduced.
Summary
Minister of Finance Purbaya Yudhi Sadewa discussed potential fiscal incentives, including tax relief, to encourage private and retail investor participation in the stock market. He stated these incentives are contingent upon the Financial Services Authority (OJK) effectively cleaning up problematic penny stocks and protecting investors from manipulation. Purbaya stressed the importance of ensuring investors are not trapped by stock manipulators.
The Minister promised additional incentives if the OJK and Indonesia Stock Exchange (IDX) take decisive action against stock manipulators within six months, including arrests or punishments. He affirmed that these promised fiscal incentives would remain on hold until concrete measures are taken to ensure market integrity. The goal is to encourage market entry into a “relatively clean market” where investors can realize clear profits.